Mining Tax
The Resource Super Profits Tax (also known as mining tax) will change the way non-renewable resources are taxed in Australia. Find out more about this tax reform at www.futuretax.gov.au website.
Resource Super Profits Tax
The plan for the new resource super profits tax, or mining tax, received a lot of publicity, as expected. However, with all of that, the mainstream media failed to provide enough details on what it actually is, apart from running a scare campaign that the new tax will discourage future investments in mining, decrease people’s superannuation and result in massive job losses. But is it all true?
The government has launched an information website for the proposed tax reform – futuretax.gov.au. It provides detailed information on the new tax system and offers extensive answers on various questions people may have. Here are some of them – taken directly from that tax reform website:
- Why should miners pay another tax?
- Governments should not give away publicly owned resources for free – for example land – simply because a company pays company tax.
- Will this tax cause electricity prices to rise?
- The RSPT is a tax on super profits only. As such, it should not affect the prices at which gas and coal are sold into the domestic market.
- What about impact on other prices?
- The introduction of the RSPT and the cut in company tax will reduce consumer prices, by making our economy more competitive.
There are two publications available for download that outline the mining tax in a greater detail: Resource Super Profits Tax – a fair return to the nation – publication and a fact sheet.
What do you think about this mining super tax? Share your thoughts and concerns below – let your voice be heard.
Please see other web reviews of global warming skeptics, co2 emissions of Australia and flood maps.
Service Availability: Most of the services reviewed by "Aus Business Review" are provided by Australian based companies and organisations and available in different Australian states and territories. These include New South Wales (Sydney, Newcastle), Queensland (Brisbane, Gold Coast), South Australia (Adelaide), Victoria (Melbourne, Ballarat), Western Australia (Perth, Albany, Mandurah, Bunbury, Port Hedland, Kalgoorlie), Northern Territory (Darwin, Alice Springs), Australian Capital Territory (Canberra) and Tasmania (Hobart).
Looking For More Information?
Make sure to explore other AusBusiness Review articles in the Business category or contact us to suggest a website or a service to review.
|
|
The review "Mining Tax" was last updated on 07/6/10.
Here we go again.
Tony Abbott after the election commented that the campaign was too negative, he is at it again scaremongering Australians about the mining tax.
These multinational marauding miners, if they could, would work their employees for peanuts and pay no tax at all!
They are dragging tens of billions of untaxed dollars out of this country, robbing Australians and laugh all the way to the bank, while Australia becomes the laughing stock of the world. (QR National alone hauls 500,000 tonnes of coal per day)!
The election TV ads by the AMEC and the miners are nothing but fear mongering Australians in believing the tax would affect their livelihood and to vote for Abbott.
They have been hiring right through the election and there are thousands of mining jobs available in Australia! Even now, Woodside is building a gas processing plant in WA.
These miners and the AMEC should be hauled before the courts for conspiring to defraud the people and Commonwealth of Australia and for interfering, undermining, destabilizing and attempting to topple the Australian Government, elected by the people.
Abbott wants to scrap the mining tax to let even more money out of the country, while at the same time he wants to tax Australian businesses and companies to pay for his election promises, what an absurd idea!
There is no foresight, common sense or logic in this. Once the deposits are mined out, the multinationals leave and we sit here with big holes in the ground and nothing to trade with. We should process the raw materials in Australia and sell them to the world, instead of selling the raw materials for next to nothing and than re-import the finished products at highly inflated prices.